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Rewards credit cards that are the real deal

Be the VIP you were born to be with premium perks, cashback and flights to Antarctica (if you want).

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Name Finder Score Bonus points Points per $ spent Purchase rate p.a. Annual fee
ANZ Rewards Black Credit Card
ANZ Rewards Black Credit Card image
Finder Award
ANZ Rewards Program
Finder score
10
Bonus points
180,000
Points per $ spent
2
Purchase rate p.a.
20.99%
Annual fee
$375
Go to siteMore Info
Get 180,000 bonus ANZ Reward Points (worth $800+ in digital gift cards) and $150 back when you spend $3,000 in the first 3 months.
Qantas Premier Platinum
Qantas Premier Platinum image
Qantas Frequent Flyer
Finder score
7.8
Bonus points
100,000
Points per $ spent
1
Purchase rate p.a.
19.99%
Annual fee
$349 first year ($399 after)
Go to siteMore Info
Earn up to 100,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers, with a 2% BT fee.
NAB Rewards Signature Card
NAB Rewards Signature Card image
NAB Rewards
Finder score
9.7
Bonus points
180,000
Points per $ spent
1.5
Purchase rate p.a.
20.99%
Annual fee
$288
Go to siteMore Info
Earn up to 180,000 bonus NAB Rewards Points (worth $880 in eGift cards): 130k points when you spend $3,000 in the first 60 days and 50k after 12 months.
Virgin Money Anytime Rewards Credit Card
Virgin Money Anytime Rewards Credit Card image
Virgin Money Rewards
Finder score
8.5
Bonus points
80,000
Points per $ spent
1
Purchase rate p.a.
19.99%
Annual fee
$149
Go to siteMore Info
Offers 80,000 bonus Virgin Money Points when you spend $3,000 or more on eligible purchases in the first 3 months. Ends 26 June 2024.
Qantas American Express Ultimate Card
Qantas American Express Ultimate Card image
Qantas Frequent Flyer
Finder score
9.1
Bonus points
90,000
Points per $ spent
1.25
Purchase rate p.a.
23.99%
Annual fee
$450
Go to siteMore Info
Get a yearly $450 Travel Credit and up to 90,000 bonus Qantas Points (70,000 when you spend $3,000 in the first 3 months and 20,000 points in year 2).
ANZ Rewards Platinum - Velocity Points
ANZ Rewards Platinum - Velocity Points image
Velocity Frequent Flyer
Finder score
6
Bonus points
100,000
Points per $ spent
1.5
Purchase rate p.a.
20.99%
Annual fee
$149
Go to siteMore Info
Get up to 100,000 bonus Velocity Points: 70k points when you spend $2,000 in the first 3 months and 30k points after 15 months.
NAB Rewards Platinum Card – Velocity Points
NAB Rewards Platinum Card – Velocity Points image
Velocity Frequent Flyer
Finder score
6.4
Bonus points
80,000
Points per $ spent
1
Purchase rate p.a.
20.99%
Annual fee
$95 first year ($195 after)
Go to siteMore Info
Get up to 80,000 bonus Velocity Points: 60k points when you spend $1,000 in the first 60 days and 20k after 12 months.
NAB Rewards Platinum Card
NAB Rewards Platinum Card image
NAB Rewards
Finder score
8.3
Bonus points
100,000
Points per $ spent
1
Purchase rate p.a.
20.99%
Annual fee
$45 first year ($195 after)
Go to siteMore Info
Get up to 100,000 bonus NAB Rewards Points (worth $480 in eGift cards): 80k points when you spend $1,000 in the first 60 days and 20k after 12 months.
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Showing 8 of 29 results

Our round-up of rewards credit card offers

Here are some of the top scoring rewards cards available through Finder this month:

Updated 18 June 2024 by money editor, Richard Whitten.

Rewards score tiers - what you need to know

  • 9+ Excellent - These cards offer the best ongoing earn rates and sign up offers, coupled with attractive annual fees and perks.
  • 7+ Great - Reasonable rewards cards but may offer slightly lower ongoing or signup offers.
  • 5+ Satisfactory - These cards may offer lower ongoing and sign up points, but could also offer fewer perks or higher annual fees.
  • Less than 5 – Basic - Entry level rewards cards, that offer consumers basic sign up offers and ongoing earn rates.

The lowdown on how we score

We carefully analyse 300+ credit cards and assess six features, assigning them individual scores out of 10.

Points from rewards programs are converted to a dollar value, by determining the number of points required to purchase a grocery store gift card, or a direct dollar value conversion, within the rewards program store.

A card will get a different Finder Score in each category, depending on which features are being assessed.

To qualify for the rewards score, credit cards must:

  • Offer signup or ongoing rewards points affiliated to a rewards program.
  • Be available to general consumers.

Our aim is to help your with financial decision-making, but please consider your own financial circumstances. While we may make money from commercial partnerships, they have no weight in our methodology. The database is scored objectively and reviewed by our editorial team.

Best rewards cards - ANZ Rewards Black

ANZ Rewards Black Credit Card

  • 180,000 Bonus Points & $150 back
  • $375 Annual fee
  • 20.99% Purchase rate

Pros & cons

  • 180,000 bonus ANZ Reward Points
  • $150 back on your new card
  • Up to 2 ANZ Reward Points per $1 spent
  • Complimentary extras including travel insurance and a personal concierge
  • Charges a relatively high annual fee of $375 p.a.
  • 3% foreign transaction fee
  • Additional cardholder fee of $65 per card

Why we like it

  • Offers 180,000 bonus ANZ Reward Points when you spend $3,000 on eligible purchases in the first 3 months. That's worth $800+ in eGift cards with partner retailers including Myer, JB Hi-Fi, Bunnings and more. Or, if you're a Velocity member, you can redeem this for 90,000 Velocity Points.
  • You also get $150 back to your card when you meet the spend requirement.
  • Complimentary insurance covers including international and domestic travel insurance, rental vehicle excess in Australia, extended warranty insurance and purchase protection cover.
  • Relatively high earn rate of up to 2 ANZ Reward Points per $1 spent.

Best rewards cards - American Express Platinum Business

American Express Platinum Business Card

  • 350,000 Bonus Points
  • $1,750 Annual fee
  • N/A Purchase rate

Pros & cons

  • 350,000 bonus Membership Rewards Points
  • High 2.25 points per $1 on most eligible spending, with 1 point per $1 on government spend
  • Complimentary domestic and international travel insurance
  • Luxury perks including unlimited access to 1,400 airport lounges and hotel elite status partners
  • $1,750 annual fee is one of the highest on the market
  • 3% foreign currency conversion fee
  • American Express is not as widely accepted as Visa or Mastercard

Why we like it

  • Offers 350,000 bonus Membership Rewards Points.
  • The card has a very high earn rate on eligible spending.
  • Complimentary travel insurance and airport lounge access make up for the high annual fee.

Best rewards cards - Citi Prestige

Citi Prestige Card

  • 275,000 Bonus Points
  • $700 Annual fee
  • 21.49% Purchase rate

Pros & cons

  • 275,000 bonus points
  • Unlimited access to over 1,500 airport lounges through Priority Pass
  • Airport transfer service and 4th night free hotel offers
  • Complimentary international travel insurance
  • The $700 annual fee is high
  • 21.49% p.a. interest rate for purchases
  • 3.4% foreign transaction fee
  • Offers 44 days interest-free on purchases, compared to other cards that offer up to 55 days

Why we like it

  • Offers 275,000 bonus points when you meet the spend criteria.
  • The card has a high earn rate on eligible spending.
  • You can enjoy a range of travel benefits including complimentary travel insurance and airport lounge access and airport transfers.

How do rewards credit cards work?

A rewards credit card usually earns points for every $1 you spend on purchases in Australia and overseas (including online). The points are credited to your account or a linked loyalty program, where you can redeem them for rewards that range from flights and hotel bookings to gift cards, cashback and retail items.

There are also a few credit cards that offer cashback instead of points.

Pros and cons of rewards credit cards

Pros

  • Points for spending. The most obvious perk of these cards is that you earn rewards of your choice, for money you were going to spend anyway. These could be credit card points, frequent flyer points, cashback and more.
  • Introductory offers and deals. New cards usually offer a bunch of bonus points when you spend a certain amount in the first few months.
  • Perks. Rewards credit cards often come with extra perks like travel insurance, purchase insurance, concierge services and lifestyle and entertainment offers.

Cons

  • Higher rates and fees. To pay for the points and perks, these cards typically charge higher ongoing interest rates and annual fees than other cards.
  • Temptation to overspend. The promise of rewards or frequent flyer points can lead you to spend more than you usually would. But the cost of overspending can cancel out the value you'd get from any points or perks you'd earn.
  • Rewards limitations. While some rewards cards let you earn unlimited amounts of points, many set spending thresholds that cap your ability to earn rewards. If you often spend more than that cap, it will limit how much value you get from the card.

Reward credit cards are popular in Australia, with Finder research showing 29% of Australians got their last credit card for reward points.

Types of credit card rewards in Australia

Credit card rewards can be separated into 3 main categories: frequent flyer, points and cashback.

Frequent flyer rewards

If you're a member of a frequent flyer program, you can use a credit card to earn more points or miles in 2 ways:

1. Frequent flyer points per $1 spent

Credit cards that are directly partnered with a frequent flyer program let you earn frequent flyer points on your eligible spending. Points are automatically added to your frequent flyer account once a month (or at regular intervals).

In Australia, the main options are Qantas Frequent Flyer and Velocity Frequent Flyer credit cards.

2. Reward point transfers to frequent flyer programs

A lot of rewards credit card let you transfer points to different frequent flyer programs. This gives you more flexibility because you're not locked into earning points for one airline loyalty program.

It's also a way to earn points with programs that don't have co-branded cards in Australia, including Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles and Emirates Skywards.

💡 Tip: You can also get a rewards credit card that lets you redeem points for flights, accommodation and other travel experiences without needing to transfer them to a frequent flyer program.

Points for bank and other loyalty programs

Many rewards credit cards in Australia earn points that you can redeem for different types of rewards, including gift cards, retail items, credit on your account, travel or point transfers to other loyalty programs. These flexible rewards programs include:

Cashback credit cards

These credit cards give you a way to get cash rewards for your spending, either in the form of credit back on your account or vouchers you can spend.

Some cashback credit cards give you a set percentage of your regular spending as cashback on your account, while other cards have introductory offers that provide a one-time account credit or voucher when you meet the spend requirements.

How to compare rewards credit cards

From earning points to the rewards you want to redeem, here are some of the questions and factors to think about when you're comparing rewards credit cards:

1. How can I earn points?

  • Bonus point offers. These can give you a huge amount of value when you get a new card. Usually, you need to meet a spend requirement in a set period of time to score bonus points.
  • Points per dollar. Also known as the earn rate, this is how many points you earn for your spending. The higher the better, but a card that earns at least 1 point per $1 on eligible transactions would be considered good value.
  • Point expiry and caps. Some credit card reward points expire after a certain amount of time and some have a limit on how many points you can earn in a month or year.

What are eligible purchases on a rewards card?
Most everyday spending is eligible to earn points, including groceries, petrol, retail items and travel. Transactions that don't usually earn points include cash advances, BPAY payments and spending with government bodies. You should check your card's rewards program terms and conditions for full details.

2. What's the value of the rewards?

  • Point values. To work out the value of your rewards, consider how many points you would need to redeem a chosen reward. For example, let's say you need 12,000 points to get a $50 gift card and your credit card has an earn rate of 1 point per $1 spent. You would need to spend $12,000 before you could redeem the $50 gift card. Calculating reward point values like this can help you decide if it's worth your time and money.
  • Rewards partners. Rewards programs sometimes partner with retailers and businesses to give you more ways to redeem points. You may also have the opportunity to earn bonus points with partner stores. If there are partners you already shop with, this could help you earn and redeem points faster.
  • Redemption limitations. Some rewards programs have blackout periods when you may not be able to make redemptions, or limits on items in the rewards store. Check the fine print for this information.

Points-to-dollars calculator 💵

How much do you need to spend to get rewards?

To give you an idea of the potential value of rewards, we've compared the amount of points you need to redeem a $100 gift card through major rewards programs that are linked to credit cards.

Rewards programPoints needed for $100 gift cardPopular card and ongoing annual feeSpend required for $100 gift card
American Express Membership Rewards20,000Explorer: $3952 points per $1: $10,000
Flybuys Rewards20,000Coles Rewards Mastercard: $992 points per $1: $10,000
ANZ Rewards Program22,225Rewards Platinum: $1491.5 points per $1: $14,817
Suncorp Bank RewardsFrom 20,900Clear Options Platinum: $1291.25 points per $1: $16,720
CommBank Awards20,650CommBank Awards Card: $961 point per $1: $20,650
Citi Rewards ProgramFrom 20,900Rewards Card: $1991 point per $1: $20,900
HSBC Rewards Plus24,000Platinum: $1491 point per $1: $24,000
Bendigo Bank Rewards37,040Platinum Rewards: $891.5 points per $1: $24,694
Westpac Altitude Rewards25,000Altitude Platinum: $1751 point per $1: $25,000

Fees, points and redemption values correct as of July 2023.

Based on this table, the minimum spend required for a $100 gift card (or equivalent) is $10,000 with American Express Membership Rewards or Flybuys if your credit card offers 2 points per $1 spent.

3. What are the costs?

  • Annual fees. Rewards credit card annual fees range from around $50 to $1,450 in Australia. Some rewards credit cards offer no annual fee for the first year or ongoing. Just keep in mind that the value of the rewards you redeem should be higher than the cost of the annual fee to make it worthwhile.
  • Purchase interest rates. Rewards credit cards typically have high interest rates for purchases, which can be up to around 24%. If you pay the card off as you go, or in full by the statement due date, you'll usually get interest-free days for purchases. Otherwise, the cost of interest could outweigh the value you get from earning points.

The annual fee and interest rate for purchases are 2 key costs to factor in when you're comparing rewards credit cards. But there are other costs that could also affect the value you get from a card in more specific situations.

4. Are there any complimentary extras?

Rewards credit cards often come with a variety of additional features that can add value if you use them. Popular perks include:

Jessica Prasida

I change my rewards credit card every year to get the best value from bonus points offers. I redeem my bonus points for gift cards or flight rewards and it usually brings in about $500 worth of value. You just have to be vigilant with paying off your card, closing the account before incurring the next year's annual fee, and not churning too frequently because it could affect your credit score.
— Jessica Prasida, publisher

Frequently asked questions

Finder Award winner and finalists for 2024

Find out which brands ranked highly at the Finder Awards for rewards credit cards.

Each year the Finder Credit Card Awards recognises the top credit cards in Australia. Using 12 months' worth of data, our experts have analysed the rates, fees and offer details from over 270 cards.

Written by

Richard Whitten

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

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106 Responses

    Default Gravatar
    RonJanuary 7, 2018

    Can I use diners club rewards with Emirates?

      AvatarFinder
      RenchJanuary 7, 2018Finder

      Hi Ron,

      Thanks for your inquiry.

      Yes, the Diners Club Rewards program also allows you to transfer your reward points to 17 airline and travel loyalty programs, including Virgin Australia’s Velocity frequent flyer program, Emirates Skywards, Etihad Guest, and Hilton Honors.

      You can learn more about Diners Club Rewards program.

      Best regards,
      Rench

    Default Gravatar
    KymJuly 27, 2017

    I spend and pay off in full about 25K per month of normal spending on my Citi Signature card which since the 1st July 2017 have at best halved their reward points which I use for Qantas flights.
    What is the best card now for me to get the most points for my spend per month, ie who is dollar for dollar and uncapped

      AvatarFinder
      HaroldJuly 28, 2017Finder

      Hi Kym,

      Thank you for your inquiry.

      While we cannot recommend what is best for you, we can offer you general information. You can check the list of frequent flyer credit cards featured on our website to learn more.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    MazJune 28, 2017

    Since the rules for the credit card reward points that you earn are changing as of the 1st July 2017, what would be the best rewards card that you can earn points for make payments to the ATO? Currently have a Westpac Altitude Rewards card and this is changing from 1st of July 2017 where you no longer receive points for ATO payments.

      AvatarFinder
      JhezelynJune 28, 2017Finder

      Hi Maz,

      Thanks for your comment.

      Please read more about the credit cards that let you earn points when making payments to the ATO. Compare the credit cards that earn points for tax payments and after you’re done comparing, select the “Go to Site” button to be redirected to the bank’s website to apply.

      I hope this helps.

      Regards,
      Jhezelyn

    Default Gravatar
    AlanMarch 21, 2017

    I was hoping you could crunch the numbers and let me know the best value reward credit card available.

    I currently have a Jetstar Platinum MasterCard
    Spending approx $60k pa
    I receive 2 points per dollar (2%) return
    1 point = $1 when redeemed so about $1200 only catch is have to use as Jetstar flights.
    Annual fee is $49 + additional card $39 so $88 annual fee

    Can you suggest a card to offer me better value or the same that has more flexible rewards.

    Many thanks
    Alan

      AvatarFinder
      HaroldMay 5, 2017Finder

      Hi Alan,

      Thank you for your inquiry.

      It is good that you’re trying to do the math and see which one would be a better option. Regrettably, we can’t provide specific recommendations for you. Thankfully, you can always compare your options on this post. We have listed some of the best rewards credit cards available in the market today.

      Alternatively, you can also check our list of frequent flyer credit cards if in case you want to explore other programs.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    BrianJuly 5, 2016

    Need a replacement card as mine is almost beyond being usable

      AvatarFinder
      DeeJuly 7, 2016Finder

      Hi Brian,

      Thanks for your comment.

      May I know what type of card you are currently holding so I can assist you?

      Alternatively, you can also try logging into your account on your bank’s website and check if there is a feature for requesting replacement cards.

      Cheers,
      Anndy

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